I have a question for Scott; What happened to you and other directors putting in funds under the rights issue shortfall offer as per your phone conversation with OTP....
"OTP- Also, just curious if you or the other directors are taking any of the rights or shortfall? Or if you are eligible with blackouts etc.?
SM- Shortfall
OTP- Great. I think that will help sentiment a lot. Is that still running for the 3 months? Are you allowed to announce you have applied?
SM- Can place shortfall up to 3 months from close. And yes can announce once applied as will require approval"
From post on 14/3/21
https://hotcopper.com.au/posts/72886434/single
It tells me a lot about the integrity of the directors of this company if they take up shares at 13c, or some new Cap raise of ~5c.
Unlike those of us who did purchase the rights issue, the BOD were able to see how much was taken up.. Would they have taken up the shortfall if the SP had gone to 25c, I'll bet they would have.
My question from months ago still remains... If none of the directors thought the rights offer was worth taking up, then why did you bother offering it in the first place?? Are you so naive to think that directors not taking up a rights offer, wouldn't have an effect on the SP and therefore the ability to raise funds in the future?
I made the incorrect assumption that the directors would partake in the rights issue they were promoting. I also had my reservations on that claim above about purchasing the shortfall, on why did they (BOD) get to see if they could sell the rest of the shortfall, before committing their own cash.
My next question would be; Why should we trust anything you are stating now, when you reneged on what you stated you would do, 3 months ago?
